Question

if you deposit $4500 at 5% annual interest compounded quarterly, how much money will be in the account after 10 years?

Answer 1

$7,396.29 is your Answer for the quarterly compounded interest of $4,500.

A = P (1 + r/n) (nt)

Where:

A = the future value of the investment/loan, including interest
P = the principal investment amount (the initial deposit or loan amount)
r = the annual interest rate (decimal)
n = the number of times that interest is compounded per year
t = the number of years the money is invested or borrowed for